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| Monday, 08 November 2004 |
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Small and Rural Industries Ministry ties up with People's Bank: New loan scheme for MSM industrialists by Irangika Range The People's Bank launched its special loan scheme for micro, small and medium (MSM) industrialists "People's Past" at the Shilpa 2004 exhibition on Friday. The objective of this scheme is to promote local industrialists by providing them with necessary credit under the simple guarantee system. Speaking at the launching ceremony, Small and Rural Industries Deputy Minister Sunil Handunnetti said this loan scheme will encourage and motivate small and rural industrialists. "These industrialists have made more benefits from the exhibition. One exhibitor earned an income of Rs. 115, 000 on the first day of the exhibition while other industrialists are getting more local and foreign orders. This is what the Ministry expected by organising the exhibition," the Deputy Minister said. He said the major problem of micro, small and medium industrialists today is finding financial resources to invest for business. "High interest and other collateral are major problems for industrialists when they apply for bank loans. Under these backdrops, the People's Bank has introduced an accessible and simple loan scheme for micro, small and medium industrialists," he said. "Over 90 percent of small industrialists pay installments today than large-scale companies. Therefore, the Ministry will act as a guarantor for small industrialists in this loan scheme," the Deputy Minister said. He said the Ministry has planned to improve the social and economic status of small and rural industrialists by implementing various programs with the IDB and Tourist Board. We will set up the Industrial Development Cooperatives in each village under the Dahasak Karmantha Gammana program. The Ministry has planned to provide Rupees two million to each cooperative which will benefit small and rural industrialists," he said. People's Bank Deputy General Manager P. B. Pathirana said under this loan scheme, micro industrialists can take up to Rs. 100,000 while small industrialists can take upto Rs. 500,000. Medium industrialists can also take upto Rs. 1 million. "As a state bank, the People's bank's main responsibility is to develop the national economy by uplifting the rural economy and industrialists. Therefore the bank implements various loan schemes for small industrialists such as farmers, fishermen and handicraftsmen," Pathirana said. |
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